Tag Archives: Coronavirus

7 Eviction Moratorium FAQs for Renters, Landlords

If you’re behind on your rent because of the coronavirus pandemic, you just got extra time to catch up. During his first day in office, President Joe Biden extended an order that bars most landlords from pursuing evictions through the end of March 2021.

With millions of people at risk of eviction, housing advocates have argued that a large wave of homelessness could worsen the spread by crowding shelters and forcing people into cramped living spaces.

7 Eviction Moratorium FAQs: What Renters and Landlords Should Know

President Donald Trump initially passed the order through the Centers for Disease Control in response back in August. Before Biden ordered the extension, the moratorium was set to end Jan. 31, 2021. We’ve compiled what we know about the latest order into this eviction moratorium FAQ.

1. How do I know if I qualify for the eviction moratorium?

To qualify, you’ll have to sign a sworn declaration affirming that:

  • You’ve tried to obtain government assistance for your rent or housing payments.
  • You earned no more than $99,000 in 2020 if you’re a single tax filer or $198,000 if you’re married filing jointly. You could also qualify if you weren’t required to file taxes in 2019 or if you received a coronavirus stimulus check. (The income limits for the first stimulus checks were the same as the moratorium limits.)
  • You’ve been unable to pay the rent because you lost your job, income or work hours, or you’ve had significant medical expenses.
  • You’ve made your best attempt to make partial payments that are as close to the full payment as possible.
  • The eviction would either leave you homeless or force you into close quarters or a shared living situation.

2. What should I do if my landlord is threatening to evict me?

Print out this declaration form, fill it out and give it to your landlord or whoever owns the property you live in. Note that the form still cites Jan. 31, rather than March 31, as the date the moratorium ends. Each adult covered by the lease should print out their own form. You don’t need to send a copy to the federal government.

3. Does this mean my back rent is forgiven?

No, no, NO. We cannot stress that point enough. Any unpaid rent you owe will continue to accrue. In fact, the order explicitly states that it doesn’t preclude landlords from charging fees, penalties and interest as the result of missed payments.

If your rent is $1,000 a month and you last paid in August, you should expect to owe $7,000 in back rent for September through March, plus whatever fees and interest your landlord tacks on AND April’s rent when April 2021 rolls around.

4. Does the order provide money for rental assistance?

No. The order simply delays eviction proceedings for another two months. It doesn’t offer financial assistance for renters or landlords. However, the stimulus bill that became law in December included $25 billion in emergency rental assistance.

The assistance will be administered by state and local governments. Renters may be eligible if their household income is less than 80% of the area median income, they’ve been impacted financially by COVID-19 and they’re at risk of losing their home. Money can be used for back rent and utility payments, as well as future payments.

To apply or get more information, you’ll need to contact your local housing agency. Figuring which agency to connect with can get complicated. If you’re not sure what agency to contact, try calling the 211 helpline for direction.

5. I’m a landlord who lives off of rental income. What does this order mean for me?

The order doesn’t include financial assistance, however, you could be eligible for a piece of the $25 billion of rental relief. Check with your local housing agency for more information.

Landlords can still pursue evictions, back rent, fees and interest once the moratorium ends. But the order also makes it clear that landlords who violate it could face hefty penalties.

An individual who violates the order could face a fine of up to $100,000, a year in jail or both — and that’s if the eviction doesn’t result in death. If a death does occur, the possible fine goes up to $250,000, in addition to the possibility of a year in jail.

Organizations that violate face a fee of up to $200,000 in cases that don’t involve death, or up to $500,000 for cases where a death occurs.

6. What if I live in a motel?

You’re not covered under the order. The moratorium only applies to tenants covered under a lease. It explicitly states that those living in hotels, motels and other temporary housing are excluded.

In this case, we strongly suggest calling the 211 helpline, which can connect you with local housing resources.

7. Are there any circumstances in which a tenant can still be evicted?

Yes. You can still be evicted for reasons other than not paying. Engaging in criminal activity on the property, threatening other tenants and causing property damage are all still grounds for eviction.

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What to Do if You’re Behind on Rent

If you’re behind on rent, you need to treat this as a temporary reprieve to get a plan in place. Don’t wait until March to make your action plan.

Your first step is to try negotiating with your landlord. They may be willing to accept partial payments or waive fees, particularly if you can show them that you’ll be able to resume on-time payments.

Take a hard look at all your bills. Your food, health care and shelter are your top priorities. We’d advise paying your rent unless doing so means going hungry or without medication. Stop making credit card and loan payments if you must. You’ll still owe that rent come April. It will be a lot easier to recover from falling behind on credit cards than losing your housing.

Get connected with local resources now. When you’re facing homelessness, the best resources are available at the local level. Calling that 211 helpline now, even though you’re not on the brink of eviction, is a good starting point. They can also connect you with local food pantries, which could free up some money to put toward rent.

Reach out to family and friends. If you know someone with a spare room who might be willing to let you move in, now is the time to start talking — provided, of course, that the living situation wouldn’t put you at increased risk of contracting the coronavirus.

Pay whatever you can. Every dollar you can put toward rent is a dollar that you won’t owe in April, so pay as much as you can toward your rent, even if you can’t afford the full amount. If you do find yourself facing eviction, showing that you made a good-faith effort to pay can only help your case.

Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to DearPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

How Unemployment Can Affect Your Plans To Buy a Home—Now and Later

unemploymentthianchai sitthikongsak / Getty Images

The coronavirus pandemic has led to record-high unemployment rates not seen since the Great Depression. And this is particularly worrisome for would-be home buyers.

If you were among the 23.1 million Americans who were laid off or furloughed, you might be worried about your financial future. And if you were hoping to buy a house—either now or in the next few years—you might also wonder how your current jobless status might affect those plans.

While the situation might seem dire, unemployment does not mean that home-buying plans have to be put on hold for long. Here’s how to navigate a period of unemployment so that it doesn’t derail your hopes to buy a home.

Can you buy a home if you’re unemployed?

For starters: If you lose your job while in the midst of home shopping or after you’ve even made an offer, you might have to put the purchase on hold.

The reason: Given your reduced income, the odds of lenders loaning you money for a property purchase are slim, unless your spouse or partner has a sizable income that can carry the mortgage alone.

And even if you’re getting unemployment checks every week, that money is considered temporary income, so it can’t be used to qualify for a mortgage, says Jackie Boies, senior director of housing and bankruptcy services at Money Management International, a nonprofit providing financial education and counseling.

In short, “unemployment could have an effect on your ability to purchase a home in the short term,” Boies says.

But the good news is that once you find a new job, you can likely resume home shopping without trouble, Boies adds. “Unemployment shouldn’t have a long-term effect on being able to buy a home.”

How long after unemployment can you buy a home?

But even once you do find a new job, that doesn’t mean you can easily buy a house just yet. That’s because lenders like to see a steady history of employment before loaning someone money.

“Regular employment must be reestablished as stable, reliable, and dependable,” says Karma Herzfeld, mortgage loan originator at Motto Mortgage Alliance in Little Rock, AR.

So how long is enough? Lenders typically require borrowers to have six months of employment at their current job, and two years of continuous employment. Breaks in employment older than two years shouldn’t affect getting a mortgage.

How unemployment affects your credit score

While unemployment doesn’t jeopardize future home-buying hopes per se, financial experts warn that what can put those plans at risk is how you handle your finances while jobless. Unemployment, after all, can stress your budget in ways that can damage your credit history and credit score.

Lenders check your credit score to assess how well you’ve managed past debts. Scores between 650 and 700 range from fair to good; scores below 650 are considered subpar, which could limit which lenders are willing to loan you money for a house. (You can check your score for free on sites like Credit Karma.)

Credit scores can be damaged in a variety of ways during unemployment. For one, if you get behind on paying bills, this will put some blemishes on your credit history and drag your score down.

Unemployment can also lower your credit score by negatively affecting your debt-to-income ratio, a calculation used by mortgage lenders to compare how much you make against how much you owe.

If you’re unemployed, you may face a double whammy as your income is lower and you’re charging more to your credit cards, thus increasing your debt. Both moves can negatively affect your debt-to-income ratio, which may make lenders leery of loaning you money.

“Any factor that affects income or debt may affect the debt-to-income ratio,” Herzfeld explains.

In sum, hopeful home buyers should be careful not to take on too much debt, even while unemployed. You need to preserve cash as best you can.

“I recommend, if on unemployment, [you] cut back on all discretionary spending and make every effort to keep bills current so that the credit score may not get negatively impacted,” Herzfeld says.

Debt-to-income ratio will likely rebalance once you return to work, as long as you haven’t racked up too much debt during the period of unemployment, Boies says.

How to handle your finances while unemployed

“My recommendation is to always try as best as you can to pay at least the minimum required payment on all monthly debt obligations, otherwise credit may be negatively affected,” Herzfeld says.

Boies suggests reaching out to landlords, credit card companies, utilities, auto lenders, and others to find out what options you have, such as payment plans, deferments, or forbearance. You might also be able to reduce some bills, such as insurance, by reviewing your policy.

“Don’t think that if you can’t pay that bill, you just can’t do anything about it,” Boies says. “You need to reach out to see what options they have available to you.”

How to bounce back from unemployment

If your credit score is negatively affected while you’re unemployed, it’s not the end of the world—but it will take time to repair.

Six months to a year or more of positive credit rebuilding could get you on track to buy a home, Herzfeld says.

“The sooner past-due debts can be remedied, the sooner the score may begin to improve,” she says.

The post How Unemployment Can Affect Your Plans To Buy a Home—Now and Later appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Should You Make Payments During Coronavirus Student Loan Deferment?

As Americans grappled with the financial consequences of the pandemic in March of this year, the federal government took several actions to help cash-strapped consumers. For starters, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March of 2020, which included a temporary suspension of payments and interest for government-owned student loans through the end of September 2020.

Beyond just suspending payments and interest, the act also halted all collections activities on federal student loans. Americans pursuing Public Service Loan Forgiveness (PSLF) would see these non-payment months counted toward the 120 months of payments needed to have their loans forgiven. 

You can continue making payments on your federal student loans during the deferment period if you want to. Whether you should, depends on your goals and your situation.

This announcement was a huge relief for Americans with student debt since it meant they could pause federal student loan payments without accruing interest or facing penalties for several months. And recently, this assistance was extended for the remainder of 2020.

About the Student Loan Deferment Order

According to a memorandum from the White House, this extension intends to “provide such deferments to borrowers as necessary to continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education until December 31, 2020.”

What does this mean for borrowers? The extension of this order means that those with federally owned student loans (not private student loans) can continue skipping payments for the duration of 2020. Interest won’t accrue on federal student loans during this time, and penalties won’t come into effect for those who choose to defer loan payments.

How Does This Help Student Loan Borrowers?

Although unemployment numbers have improved since the summer, the initial pause on federal student loan payments was of massive help for borrowers struggling with job loss or a loss in pay. After all, getting a break from student loan payments made room for funds to go toward other household needs and bills. Keep in mind that the average student loan payment is approximately $393 for all borrowers, but that many with advanced degrees pay significantly more than that every month.

When the Presidential action was released, it was unclear whether borrowers pursuing PSLF will still receive credit for non-payment months. However, a U.S. Department of Education press release clarified that PSLF borrowers would, in fact, receive credit toward loan forgiveness as if they’d made on-time payments.

Just keep in mind that this order does not apply to consumers with private student loans. Only federal student loans qualify for this protection, although some private student loan companies are offering their own separate deferment options to consumers who can show financial hardship.

Pros and Cons of Making Payments During Automatic Deferment

One interesting detail from this order is buried in the fine print:

“All persons who wish to continue making student loan payments shall be allowed to do so, notwithstanding the deferments provided pursuant to subsection (a) of this section.”

In summary, you can continue making payments on your federal student loans during the deferment period if you want to. Whether you should, depends on your goals and your situation.

Benefits of Making Loan Payments 

If you haven’t faced a loss in income, then you might be tempted to continue making payments on your student loans. The benefits of doing so include:

  • Paying down your student loan debt faster. The Department of Education says that, through the end of 2020, “the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid.” This means that every cent thrown toward your loans right now applies to your loan balance, quickly reducing your student debt on a dollar-for-dollar basis.
  • Saving money on interest. Because of the way interest accrues on student loans and other debts, reducing your balance will automatically save you money on interest over the long haul. The more you pay toward your student loans now, the more money you save.

Disadvantages of Making Loan Payments

There are a few potential downsides to making student loan payments when they’re not required. Plus, borrowers with certain types of student loans should not be making payments right now. 

Here are a few considerations to keep in mind.

  • You may need the money later on. Even if your income is fine right now, the financial fallout from the pandemic is far from over. If you choose to make student loan payments through the end of the year and lose your job in a few months, you might wish you had saved that extra cash instead. 
  • Those pursuing PSLF shouldn’t make payments. If you’re pursuing PSLF, then this deferment period is counted toward the 120 on-time payments you need for loan forgiveness. If you continued making payments through the end of the year, you would be throwing money down the drain.
  • Most borrowers on income-driven repayment plans have little incentive to make payments. If you’re on an income-driven repayment plan like Pay As You Earn (PAYE) or Income Based Repayment (IBR), then your loan payment is only a percentage of your discretionary income, and your loans will be forgiven after 20-25 years of on-time payments. Borrowers who aim to have their loans forgiven after 20-25 years anyway should skip payments through the end of the year and set aside their cash for a rainy day instead.

The Bottom Line

Individuals who want to pay off their loans quickly would be smart to pay as much as they can, but only if they can afford it. It also makes sense to be cautious about any extra income you have for the time being. After all, more economic pain may be on the way, and it’s possible you could face a loss in income later in the year.

Without any interest accruing on federally owned student loans during this historic forbearance, however, you could always put your student loan payments into a high-yield savings account until the end of the year. At that point, you can assess your financial situation and make a large, lump sum payment toward your loans if you want.

This strategy creates a greater safety net for the remainder of 2020 while also paying down debt faster with a large payment before the end of December. Run the numbers and make sure you have a plan (and a back-up plan) in place.

The post Should You Make Payments During Coronavirus Student Loan Deferment? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Unemployment Benefits Explained: Terms, Definitions and More

Since the start of the pandemic, mass unemployment has rocked the nation. To help mitigate the damage, two economic stimulus packages allotted unprecedented sums of money to create new benefits programs that assist people who are out of work.

Millions of newly eligible folks now have access to benefits. But the new programs put state unemployment agencies in a tricky position. They are receiving record-breaking surges in applications at the same time that they are tasked with creating and paying out brand new benefits. The result: overburdened websites, unclear instructions and lots of jargon.

Take, for example, this update to applicants on Arkansas’ unemployment website after the second stimulus package passed:

“Some extensions and changes to federal UI programs will include the reinstatement of the FPUC program, extension of PUA program and PEUC program for those who qualify,” the notice states.

After reading that sentence, you may have a couple choice acronyms yourself. Maybe, “OMG — WTH does that mean?”

“Understanding the difference with all these programs and acronyms is going to be confusing,” said Michele Evermore, an unemployment benefits policy analyst at the National Employment Law Project.

Our plain English guide will help you make sense of it all. Consider bookmarking this page and referencing it as you trudge through the process of getting your benefits.

The 2 Unemployment Programs You Definitely Need to Know

The overwhelming majority of people relying on unemployment benefits are receiving aid from two key programs. According to figures from the Department of Labor, more than 13 million people are collecting Unemployment Insurance and Pandemic Unemployment Assistance benefits.

These two foundational programs provide the bulk of unemployment aid through weekly payments. Once you understand the difference between them, a lot of the other programs will start to make sense.

Unemployment Insurance (UI)

Also referred to as Unemployment Compensation, UI is the longstanding benefits program run by each individual state. It’s for people who are out of work at no fault of their own. To qualify for UI, you have to have made a certain amount of money in the recent past  — typically from a W-2 job with an employer that paid into the unemployment system through payroll taxes. Specifics like previous employment duration or earnings vary.

Depending on your state, average UI payments are between $180 and $490 per week, according to the latest data from the Department of Labor. The duration of UI programs also depends on your state. They last between 12 and 30 weeks (without any extensions). The most common duration is 26 weeks.

Additionally, to collect UI, you have to be able to work, available to work and actively seeking work. Some states have waived the “actively seeking work” requirement during the pandemic.

Pro Tip

Use this tool from the Department of Labor to find your state’s unemployment website and start a UI claim.

Pandemic Unemployment Assistance (PUA)

Pandemic Unemployment Assistance is a new federal unemployment program. It’s up and running in all 50 states. The first stimulus package created PUA in March 2020. Throughout the pandemic, PUA has been a lifeline for tens of millions of jobless people who don’t qualify for regular UI benefits.

For the first time nationally, gig workers and freelancers, who are considered 1099 independent contractors, have been able to receive unemployment benefits through PUA.

Beyond helping those who were laid off, PUA offers benefits to people who can’t go to work or lost income due to a variety of coronavirus-related reasons. Some examples include contracting COVID-19, caregiving for someone who has COVID-19 or staying home to take care of your kids whose school closed due to COVID-19 lockdown rules.

Because PUA is a federal program, all states must offer it for a maximum of 50 weeks. The minimum weekly payments vary by state, however, because they’re calculated as half your state’s average UI payment. With average state UI payments between $180 and $490, you can expect minimum weekly PUA payments between $90 and $245 depending on your state.

Our guide to filing for Pandemic Unemployment Assistance includes an interactive map to help you find your state’s application rules.
A woman holds hands with her infant while looking for something on her laptop.

7 Quick Definitions to Important Unemployment Terms and Programs

Now that you have a better understanding of the two major unemployment benefits programs, let’s look at extensions, payment enhancements and other important programs that you may be eligible for.

Here’s a primer on seven key terms that you’re sure to come across as you apply for benefits.

CARES Act: The Coronavirus Aid, Relief and Economic Security (CARES) Act was the first coronavirus relief package passed in March 2020. It expanded unemployment assistance, authorized $1,200 stimulus checks and provided relief for small businesses, among several other things. Under this law, those who are partially or fully unemployed as a direct result of the coronavirus may receive up to 39 weeks of federal unemployment benefits.

CAA: The Continued Assistance Act, aka Continued Assistance for Unemployed Workers, is part of the $900 billion stimulus package that became law on Dec. 27, 2020. It extends many of the unemployment programs created by the CARES Act.

DOL: The federal Department of Labor oversees all states’ unemployment systems. Your state may have its own agency named the Department of Labor that administers its unemployment benefits. Generally speaking, DOL refers to the federal agency.

DUA: Disaster Unemployment Assistance is not Pandemic Unemployment Assistance. You may come across this long-standing natural disaster assistance program on your state’s unemployment website. Do not apply. Despite their similar names, they are very different.

EB: Extended Benefits are available in every state except South Dakota. EB is a state-level benefit that extends Unemployment Insurance by six to 20 weeks — depending on your state and your local unemployment rate. To qualify during the pandemic, you may have to exhaust a federal unemployment extension first. (See PEUC below.)

FPUC: Federal Pandemic Unemployment Compensation boosts unemployment benefits by $300 a week for up to 11 weeks between Dec. 27, 2020, and March 14, 2021. Anyone who is approved for at least $1 of unemployment benefits will automatically receive this bonus. No separate application or action is needed. This program previously paid out $600 per week under the CARES Act, but that version expired in July 2020.

PEUC: Pandemic Emergency Unemployment Compensation extends the length of Unemployment Insurance aid for a maximum of 24 weeks. The first stimulus deal extended UI benefits for 13 weeks, and the second stimulus package added an additional 11 weeks. New applicants (after Dec. 27, 2020) are only eligible for the 11-week extension. This program does not extend Pandemic Unemployment Assistance.

Adam Hardy is a staff writer at The Penny Hoarder. He covers the gig economy, remote work and other unique ways to make money. Read his ​latest articles here, or say hi on Twitter @hardyjournalism.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

How to Protect Your Credit While in the Military

Around a third of active military service members in 2019 said they didn’t pay all their bills on time, and close to that number of military spouses said the same. Military service can require some serious financial planning. But many service members might not realize how joining the military impacts their credit—and how their credit can impact their military career.

Find out more about the
relationship between a military career and credit below. Plus, get some
information about resources that can help military members protect their
credit.

How Your Credit Can Impact Your Ability to Join the
Military

No matter which branch of the
military you want to join, you have to meet certain eligibility requirements.
Specific requirements vary by service branch as well as the level of security
needed for the job.

The military does conduct background checks to determine factors such as whether you have a criminal background. A credit check is often included by some branches because the state of your financial situation can help provide a picture about your overall reliability. And if you’re dealing with a great deal of debt or have negative items on your credit report, it could make you vulnerable. Someone in financial distress could be at greater risk of illegal or questionable activity to generate money.

You can be denied military enlistment if you’re in financial trouble, such as if you have a number of collections in your credit history. But it’s actually more likely that poor credit will impact your ability to move up within a military career. That’s because Guideline F of the National Security Adjudicative Guidelines outlines financial considerations that may disqualify you from various levels of security clearance.

Failing to meet those requirements could result in revocation of security clearance. And that could mean losing your job with the military. Any time enlistment depends on a security clearance, the same could be true for simply joining up.

How Joining the Military Affects Your Credit

Joining the military doesn’t
have a direct impact on your credit. You won’t get points on your score because
you’re a service member, for example. However, you might want to pay attention
to your credit because you could be subject to greater financial monitoring
depending on your position and security clearance.

Being in the military can also create some challenges that relate to credit. The National Foundation for Credit Counseling notes some common financial trends and challenges experienced by military members and their families, including:

  • Struggling to pay bills on time. According to NFCC, service member households are more
    likely to pay bills late than other US households. In some cases, this might
    simply be due to challenges associated with managing daily activities, such as
    bills, when you’re deployed or moving from place to place regularly.
  • Putting major decisions on hold. More than 70% of service members or their spouses say they
    put major decisions, including buying a new home, on hold during military
    service.
  • Sticking to a budget.
    More than 50% of active military members and/or their spouses say they don’t
    manage a regular budget.

Protecting Your Credit While You Serve

That doesn’t mean it’s
impossible to maintain a strong credit score while you serve in the military.
In fact, a number of resources are available to help you do just that. Here are
just a few tips for protecting your credit while you’re in the military,
particularly when you’re deployed.

1. Place an Active Duty Alert on Your Credit Reports

An active duty alert is like a fraud alert. It’s a notice on your credit reports that encourages lenders to take extra precautions when approving credit in your name. In some cases, creditors may be required to contact you directly or otherwise verify your identity when approving credit. This makes it harder for someone to pretend to be you and apply for a loan or credit card.

Active duty alerts also remove you from insurance and credit card offers for up to two years. That means that providers can’t do a soft pull on your credit report and send you a preapproved offer in the mail. This reduces the potential for someone to take that preapproved offer and open credit in your name without you knowing about it.

Active duty alerts are free.
You can request one from any of the three major credit bureaus and ask that it
let the other two know to do the same. Active duty alerts last for one year, so
you’ll need to request them annually if desired.

2. Understand Your Rights Under the Servicemembers Civil
Relief Act

The SCRA offers some protection for military members when it comes to civil legal action, including those related to financial matters. Some of the protections under this act include:

  • Rate cap. In some cases, if military members have high-interest debt from before they joined, they may be able to get the interest rates reduced to no more than 6%.
  • Default judgment protection. In civil cases, a default judgment occurs when one person doesn’t show up to a scheduled hearing. If default judgments are allowed, the judge decides in favor of the party that showed up. Due to the nature of their occupation, military members may be protected from default judgments if they aren’t able to make a hearing due to their military service.
  • Repossession and foreclosure. In certain cases, creditors must get court orders to repossess or foreclose on property of an active service member. This typically requires that the military service person took out the loan on the property before enlisting or otherwise going into active duty status.

3. Understand Your Rights Under the Military Lending
Act

The Military Lending Act provides a number of protections for active military members who are seeking credit during their service. Some provisions of the act include:

  • Capping interest, including
    finance charges and fees, on loans to 36% regardless of credit score and other
    factors.
  • Limiting what creditors can ask you to agree to, such as mandatory arbitration clauses and mandatory
    payments from your paycheck.
  • Protection against prepay penalties if you pay the loan back early.

For any
questions about your individual circumstance regarding FCRA or the MLA contact
your military branch’s legal office for guidance.

Credit-Related Perks for Military Members

As a current or former
military service member, you may also have access to perks that help you build
and manage your credit and personal finances. Here are just a few.

  • Special credit card or loan offers. Military members have access to several credit card offers that others do not, including USAA cards with low interest rates. And you might qualify for a home loan backed by the VA, which can help you gain access to potentially better terms or lower down payment requirements.
  • Free credit monitoring. Starting October 31, 2019, military members can access free credit monitoring via the credit bureaus.
  • Access to Personal Financial Managers or Personal Financial Counselors. These are individuals trained to help military members and their families manage money and credit in a positive and proactive way.
  • The Department of Defense Savings Deposit Program. If you’re deployed to an active combat zone and receiving Hostile Fire Pay, you can build your savings with this program. You can deposit up to $10,000 and earn 10% interest on it.

NOTE: The CARES Act specifically provides some protections to military personnel and veterans during the COVID-19 coronavirus pandemic. This includes protections for VA-guaranteed loans for those experiencing financial hardships.

Check Your Credit After Deployment

Understanding your rights and
what resources you have available—as well as taking proactive approaches—can
help protect your credit while you’re in the military. But no plan is
foolproof, and mistakes can happen. So, it’s important to check your credit
reports whenever you return from deployment and regularly even when you’re not
deployed.

If you find anything on your credit that isn’t correct, you have a right to challenge it. DIY credit disputing is possible, but it takes more time than active duty military members might have. Consider working with a credit repair firm such as Lexington Law, which has tools to focus verification and challenges for military personnel. Working to challenge inaccurate negative items can help you protect your credit so you can protect your security clearance and your financial future as well.

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Disclosure: Credit.com is owned by Progrexion Holdings Inc. John C Heath, Attorney at Law, PC, d/b/a Lexington Law Firm is an independent law firm that uses Progrexion as a provider of business and administrative services.


The post How to Protect Your Credit While in the Military appeared first on Credit.com.

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How to Prepare for the End of Your Unemployment Benefits

Before the coronavirus reached the U.S., unemployment was low and few could have anticipated a global pandemic. However, as the pandemic and ensuing recession took hold, a record-breaking number of people filed for unemployment benefits to stay financially afloat.

“COVID-19 led to an incredible number of American workers being without work,” says Julia Simon-Mishel, an unemployment compensation attorney. “And it’s caused a huge need for individuals to file for unemployment insurance.”

Unemployment insurance, or unemployment benefits, can offer an essential lifeline. But if you’ve never accessed these benefits before, you may have questions about how they work. You might also be asking: What do I do when my unemployment benefits run out and I’m still unemployed?

This article1 offers tips about what you need to know about filing an unemployment claim. It also addresses the following questions:

  • How do you prepare for the end of unemployment benefits?
  • Can your unemployment benefits be extended?
  • What can you do when unemployment runs out?
  • Can you refile for unemployment after it runs out?

A record number of people have filed for unemployment, and many are wondering what to do when unemployment runs out.

If you’re just getting ready to file or need a refresher on the basics of unemployment benefits, read on to have your questions answered.

If you’re already collecting benefits and want to know what happens once you reach the end of the benefit period, skip ahead to “Steps to take before your unemployment benefits run out.”

Common questions about unemployment benefits

Experiencing a job loss is challenging no matter what. Keep in mind that you’re not alone, and remember that unemployment benefits were created to help you.

As you consider how to prepare for the end of unemployment benefits, remember that you're not alone.

While they’re designed to provide financial relief, unemployment benefits are not always easy to navigate. Here’s what you need to know to understand how unemployment benefits work:

What are unemployment benefits?

Unemployment insurance provides people who have lost their job with temporary income while they search for and land another job. The amount provided and time period the benefits last may vary by state. Generally, most states offer up to half of a person’s previous wages in unemployment benefits for 26 weeks or until you land another full-time job, whichever comes first. Requirements and eligibility may vary, so be sure to check your state’s unemployment agency for guidance.

How do you apply for unemployment benefits?

Depending on where you live, claims may be filed in person, by phone or online. Check your state government’s website for details.

Who can file an unemployment claim?

This also may vary from state to state, but eligibility typically requires that you lost your job or were furloughed through no fault of your own, in addition to meeting work and wage requirements. During the coronavirus pandemic, the government loosened restrictions, extending unemployment benefits to gig workers and the self-employed.

When should you apply for unemployment benefits?

Short answer: As soon as possible after you lose your job. “If you are someone who has had steady W2 work, it’s important that you file for unemployment the moment you lose work,” Simon-Mishel says. The longer you wait to file, the longer you’re likely to wait to get paid.

When do you receive unemployment benefits?

Generally, if you are eligible, you can expect to receive your first benefit check two to three weeks after you file your claim. Of course, this may differ based on your state or if there’s a surge of people filing claims.

Can unemployment benefits be extended? Check your state’s unemployment insurance program page for updates.

2020 enhancements to unemployment benefits for freelance and contract workers

In early 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. In addition to other benefits, the CARES Act created a new program called Pandemic Unemployment Assistance. This program provides unemployment benefits to independent contractors and other workers who were typically ineligible. That means that if you don’t have steady W2 income—for instance, freelance and contract workers, those who file 1099s, farmers and the self-employed—you still may qualify for unemployment benefits.

“That program is a retroactive payout,” Simon-Mishel says. “If you’re just finding out about that program several months after losing your job, you should be able to file and get benefits going back to when you lost work.”

Because legislation affecting unemployment benefits continues to evolve, it’s important that you keep an eye out for any additional stimulus programs that can extend unemployment benefits. Be sure to regularly check your state’s unemployment insurance program page for updates.

“It’s really important to keep on top of all the information out there right now and be aware of what benefits are available to you.”

– Julia Simon-Mishel, unemployment compensation attorney

Steps to take before your unemployment benefits run out

In a perfect world, your job leads would become offers long before you reached the end of your unemployment benefits. But in reality, that’s not always the case.

If you’re still unemployed but haven’t yet exhausted your benefits and extensions, you may want to prepare for the end of your unemployment benefits as early as possible so you don’t become financially overwhelmed. Here are four tips to help you get through this time:

Talk to service providers

Reaching out to your utility service providers like your gas, electric or water company is one of the first steps John Schmoll, creator of personal finance blog Frugal Rules, suggests taking if you’re preparing for the end of unemployment benefits.

“A lot of times, either out of shame or just not knowing, people don’t contact service providers and let them know what their situation is,” Schmoll says. “[Contact them to] see what programs they have in place to help you reduce your spending, and basically save as much of that as possible to help stretch your budget even further.”

Save what you can

To help prepare for the end of your unemployment benefits, a few months before your benefits end, Schmoll suggests cutting back spending as much as possible, focusing only on necessities.

“If you can try and save something out of the benefits that you’re receiving while you’re receiving them—it doesn’t matter if it’s $10 or $20—that’s going to help provide some cushion,” Schmoll says. Keep those funds in a separate account if you can, so you’re not tempted to spend them. That way you’re more prepared in case of an emergency.

If you hunkered down during your period of unemployment and were able to save, try to resist the urge to splurge on things that aren’t necessary.

“There might be temptation to overspend, but curtail that and focus on true necessities,” Schmoll says. “That way when [or if] you receive an extension on your benefits, you now have that extra money saved.”

Saving money can be a good way to prepare for the end of your unemployment benefits.

Saving money can be a good way to prepare for the end of your unemployment benefits.

Seek additional financial aid

If you find that your savings and benefits aren’t covering your expenses, and you’re reaching a point where you no longer qualify for benefits, look into other new benefit programs or features designed to help during times of crisis.

For example, there are programs across the country to assist people with rent or mortgages, Simon-Mishel says. Those programs are generally designed to keep those facing financial hardship from losing their home or apartment. You may need to show that you are within the programs’ income limits to qualify, or demonstrate that your rent is more than 30 percent of your income. These programs vary widely at the state and even city level, so check your local government website to see what might be available to you.

As you prepare for the end of your unemployment benefits, explore which government benefits or government agency may be best suited for your needs.

Keep up with the news

During economic downturns, government programs and funds often change to keep up with evolving demand.

“It’s really important to keep on top of all the information out there right now and be aware of what benefits are available to you,” says Simon-Mishel. “You should closely pay attention to the social media of your state unemployment agency and local news about other extension programs that might be added and that you might be eligible for.”

Pay attention to social media and local news as you prepare for the end of your unemployment benefits.

Options for extending your unemployment benefits

If you’re currently receiving benefits, but they’ll be ending soon, you’re likely wondering what to do when your unemployment runs out and asking if your unemployment benefits can be extended. Start by confirming when you first filed your claim because that will determine your benefit end date.

If you’re wondering, “Can you refile for unemployment after it runs out?” the answer is yes, but you’ll have to wait until your current “benefit year” expires. Note that a benefit year is 12 months from when you file a claim. If you filed at the beginning of June, for example, you generally can’t file again until the beginning of the following June.

You may get 26 weeks of unemployment benefits, depending on your state’s rules at the time. Most states extended the payout period to 39 weeks in the wake of the COVID-19 crisis. Check your state’s website for the particulars on what to do when your unemployment runs out.

If your claim is still active but you’ll be in need of additional financial relief after your unemployment benefits run out, here are your options:

File for an unemployment extension

During extraordinary economic times, such as the coronavirus pandemic, the federal government may use legislation like the CARES Act to offer people more benefits for a longer period of time, helping many people concerned about whether unemployment benefits can be extended.

Can you refile for unemployment after it runs out? It can vary by state, so reach out to your unemployment office.

For example, in 2020, for most workers who exhaust, or receive all of, their unemployment benefits, a 13-week extension should automatically kick in, Simon-Mishel says. This would bring you up to 39 weeks total. However, if more than a year has passed since you originally filed and you need the extension, you will likely need to file a short application provided by the government. Details vary by state.

As you’re determining what to do when your unemployment runs out, reach out to your unemployment office. It’s important to do this before your benefits expire so you can avoid a missed payment. You can also confirm you’re eligible and that you can refile for unemployment after it runs out.

Ask about the Extended Benefits program in your state

Can unemployment benefits be extended beyond that? In periods of high unemployment, you may qualify for a second extension, depending on your state.

“After those [first] 13 weeks, many states have added a new program called Extended Benefits that can provide another 13 to 20 weeks of unemployment when a state is experiencing high unemployment,” Simon-Mishel adds. This means you may be able to receive a total of up to 59 weeks of unemployment benefits, including extensions. The total number of weeks of unemployment you may receive varies based on your state and the economic climate.

It’s hard enough keeping up with everything as you prepare for the end of unemployment benefits, so don’t worry if you don’t have your state’s benefits program memorized. Visit your state’s unemployment insurance program page to learn more about what benefits are available to you.

For anyone considering what to do when unemployment runs out, it's important to take things one day at a time.

Beyond unemployment benefits

While life and your finances may seem rocky now, know that you’re not alone. Remember that there are resources available to help support you, and try to take things one day at a time, Schmoll says.

“Realize that at some point your current situation will improve.”

If you find that your benefits aren’t covering all of your expenses, now may be the time to dip into your cash reserve. Explore these tips to determine when it’s time to use your emergency fund.

1 This article is not legal advice and should not be construed as such. Eligibility for unemployment benefits may be impacted by variations in state programs, changes in programs, and your circumstances. If you have questions, you should consider consulting with your legal counsel, at your expense, or seek free assistance from your local legal aid organization.

Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.

The post How to Prepare for the End of Your Unemployment Benefits appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

Watch Your Wallet: 7 Hidden Costs of Self-Isolating at Home During Coronavirus

Coronavirus Is Costing You Cash at Home: 7 Hidden Expenses of Self-IsolatingYuttachai Saechan/Getty Images; realtor.com

Those who are fortunate enough to still be collecting a paycheck while quarantined or sheltering in place might expect to build up some serious savings. While you work from home, you’re avoiding your usual commuting expenses, and you’re probably saving money by not going to bars, restaurants, and movies, or skipping that vacation to Fiji.

But as spending decreases in some areas during self-isolation, it can creep up in others. To brace yourself and your budget, keep an eye on these expenses while you’re self-isolating at home.

1. Utilities

If you’ve gone from office life to Zoom life, you’re spending more time at home than usual, which could ramp up your household expenses.

“Your utility spending might be considerably higher if you’re spending more time at home cooking, charging devices, using lights and appliances,” says Ted Rossman, industry analyst at CreditCards.com.

To keep your utility bills down, turn off lights when you leave the room, open windows during the day to let in cool air, unplug devices that you’re not using, and consider turning down your water heater by a few degrees.

2. Groceries

Grocery delivery

m-gucci/Getty Images

Even if you’re not hoarding (and you shouldn’t be), you might find yourself spending more on groceries while you shelter in place.

For some people, an uptick in grocery spending will be offset by the money saved from not dining at restaurants. But if your local store is picked over—or if you pay fees for grocery delivery—you could spend more on groceries than usual.

“I’ve been to a local grocery store, and the only thing that was available was organic, so I couldn’t buy the generic. I actually had to spend more money,” says Steve Repak, author of the “6 Week Money Challenge for Your Personal Finances.”

If your grocery spending feels out of hand, be flexible and creative with your menu. Cook the food you already have at home before you head back to the store. Sites such as Eater have compiled resources for home cooks, including Pantry Cooking 101 and How to Stock a Pantry.

If you’re using a delivery service, place infrequent, larger orders instead of several small orders. Or consider curbside service; many stores are allowing free pickups where they bring your groceries right to your car, so you can save on delivery fees and tips.

3. Meal delivery and takeout

You may not be able to enjoy a nice meal at a restaurant, but you can order takeout and delivery—and those indulgences can add up quickly. After all, it’s not just the meal you’re paying for.

“There’s probably still a service fee, and on top of that you have to leave a gratuity,” Repak says. (It’s also a good idea to generously tip the workers who are delivering your food in these times.)

If you’re on a budget, reserve takeout and delivery for special occasions or those days when you just can’t muster the motivation to cook.

4. Alcohol and other sources of comfort

Curl up with a good bottle…

Moyo Studio/Getty Images

If you find yourself decompressing with a glass or two (or three) of wine every night, your drinking habit could do a number on your budget. And you wouldn’t be alone—alcohol consumption has shot up nationwide, and in states where recreational marijuana is legal, dispensaries are reporting booming business.

“Social isolation is really strongly linked to physical and mental health problems, and the way we cope with a lot of them is by drinking more,” Repak says. “People are going to smoke more and drink more … and we need to find other healthier coping mechanisms to offset that additional spending.”

You may not want to totally forfeit your evening glass of pinot, but you can make your supply last longer by sipping a mug of (far more affordable) chamomile tea on occasion, or opting for a calming yoga video or breathing exercise.

__________

Watch: Our Chief Economist’s View on the Pandemic, Mortgage Rates, and What’s Ahead

__________

5. Subscriptions

You’ve rewatched all your favorite shows on Netflix and Hulu—so, now’s the time to add a Disney+ subscription, right?

Not so fast, Repak says.

“Save a little bit of money by just picking one of the streaming services,” he suggests, or at least don’t pile on new subscriptions to the ones you already have.

To free up your budget, take inventory of your other monthly subscriptions, services, and other recurring expenses, and see if there’s anything that can be eliminated.

“Ten dollars a month may not sound like a lot, but if you have five of those, that’s $600 annually,” Rossman adds.

6. Online shopping

Online shopping knows no quarantine

Poike/Getty Images

If you turn to retail therapy to soothe your soul, your budget could take a hit. True, many retailers are offering deep discounts in order to move merchandise, but even discount purchases add up.

“Impulse buying is a potential trap,” Rossman says. “Some people fall victim to it more than others.”

Instead of clicking “add to cart” as a coping mechanism, Repak suggests cleaning out your closet instead.

“This is a great time that we can offset our budget by decluttering our house or apartment,” he says.

Use sites like Poshmark to sell your clothes, or Mercari for your household items. Many donation centers such as Goodwill are still accepting donations, too—just call ahead to make sure your local store or donation drop-off location will take your items.

7. New hobbies you’re trying in quarantine

Our spending habits are highly personal, and you might find yourself throwing money at a new habit or hobby to fight cabin fever.

“It’s a worthwhile exercise to track your spending, especially now that so much is different,” Rossman says. “Look through your credit card and bank statements from the past month. Do you see anything surprising? Are there areas where you spent extra but didn’t feel it was worth it? These could be good ways to cut back.”

And remember: Even if quarantine has eliminated some of your old day-to-day expenses, it’s easy to overestimate how much you’re saving.

“Most people don’t have a great handle on their budget and spending habits anyway, and so much has changed of late,” Rossman says. “It’s easy to overlook things.”

The post Watch Your Wallet: 7 Hidden Costs of Self-Isolating at Home During Coronavirus appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

How to Include Some Guilt-Free Spending in Your Budget

With so many of us dealing with the coronavirus pandemic (plus the financial fallout from it) and spending more time at home this year, there’s a very good chance your family budget looks different. Our own budget had some big adjustments (transportation costs went down to basically nothing) along with some minor changes (buying supplies and items around the house for projects).

Our money dates have had us reevaluate some things and redirect money to other expenses and savings. Besides making sure that you’re taking care of essential expenses and building up your financial cushion, you want to want to make sure you include another key area in your budget – some guilt-free spending in there as well.

Why Budgets Need to Include Some Guilt-Free Spending

First off what exactly is guilt-free spending? And why should families include it when planning out their budget. Basically, it covers the expenses that you enjoy. Every family has different ways they use that money. It could be travel, eating out together, adding another pair of shoes to your collection, or gadgets. With families having to deal with so many decisions and challenges, there has been an increasing awareness of having proper self-care as part of the routine. Families are now including that in their budgets.

The key part of keeping these expenses guilt-free is that they bring you joy without breaking the bank. These aren’t frivolous spending sprees. They can be meaningful purchases such as supplies for a hobby like painting that enriches your life. Second, these expenses are planned ahead of time and baked into your budget so you’re not taking on debt or upsetting your family’s cash flow.

Why Budgets Typically Fail

One of the reasons why I think having some fun money in your budget is a wise move is because it’ll help make your budget more sustainable. How? If I asked you what the point of a budget is, what would you say? Most tell me it’s to keep their spending in check.

It makes sense to believe that because for most families that’s what it’s about – restrictions. However, the best budgets I’ve seen are geared towards the direction of the money. I’ve interviewed families who have retired early or have knocked out a ton of debt and something they had in common was that their budgets reflected their priorities and circumstances.

Before they put pen to paper (or tap the app), they sat down and defined what goals they wanted to achieve. If you had to break down a budget the three key areas are basically:

  1. Paying your essential bills.
  2. Building long term financial stability.
  3. Have the money you can use now to enjoy.

Many times, the disagreements, arguments, and sometimes sabotage with budgets come from friction on finding a balance between spending money with long term stability and enjoying now. If you skew too much to saving up for the future, one or more of you in the family could start getting resentful. Financial infidelity or set back with keeping the budget can occur for many reasons, but some spouses say one reason is there’s absolutely no wiggle room in the budget for fun. If you’re only focused on the now when something comes up – hello 2020! – you’re left without a safety net.

For families with kids, that’s an additional source of stress they don’t need. I noticed that the families who hit their goals had found a way to balance things. They save towards their long term goals as well as set aside money to enjoy now. How? By redoing how they approached their budgets.

Easy Budget Framework to Use

Let’s go back to those three key goals of any budget – taking care of essentials, saving for the future, and spending on the present. Families looking to include all of these goals need a budget that can weave them together. If you’re just starting out with a budget and are still trying to figure out a framework, an easy foundational budget is the 50/20/30 budget. It divides up your money into those three key goals, with 50% going to necessary expenses, 20% towards financial stability and wealth, and 30% towards discretionary or fun money.

Feel free to adjust the percentages based on your circumstances, but for many families that three-bucket approach is easy enough to set up and it gives them enough wiggle room where there can enjoy some of their money now. Once you’ve created that budget, you can then take the next step – automating your money. We’ve done this for over a decade and it has been incredibly helpful. We have our bills automated every paycheck plus our savings and investments are scheduled monthly. With those necessary things taken care of first, we know whatever spending we do won’t harm our expenses.

Staying on Top of Your and Budget – The Easy Way

Now that you have a budget and you’re including some guilt-free spending, how do you make sure you’re staying on track? There are some wonderful options out there including money apps like Mint. You can stay on top of your money without losing your mind because the apps can pull that data from your accounts and give you an easy and clear way to see where your money is going. You can also use Mint to track your goals like paying down debt or saving up for a house. With that information in front of you can quickly and easily see how you’re doing anytime.

Another handy tool with Mint is how simple it is to set up alerts on certain spending. So if you have set aside $200 for your ‘fun’ account, Mint can notify you when your spending is getting close to your limit. It’s a more proactive and real-time way to manage your money without having to worry about every single penny.

Your Take on Budgets

As you can see, with a little planning you can be financially savvy and enjoy some fun now. I’d love to get your thoughts – how do you approach your budget? What are some must-have expenses in yours?

The post How to Include Some Guilt-Free Spending in Your Budget appeared first on MintLife Blog.

Source: mint.intuit.com

COVID-19 Scams

A man and woman chat in an office

As if fearing the health-related consequences of the COVID-19 coronavirus wasn’t enough, there’s also a fair amount of financial uncertainty related to recession and an unstable economy. People all across the United States are wondering how they’ll pay their bills and make ends meet as they file for unemployment and wait for a one-time stimulus check that may not cover the bills.

Go to Guide
Privacy Policy

It’s unfortunate, but some bad actors will always take advantage of situations like coronavirus. In addition to everything else, individuals also need to be on the lookout for COVID-19 scams that are cropping up. In fact, there are so many coronavirus scams out there right now that the FTC created an FTC Scam Bingo game to try and spread the word.

Read up on what COVID-19 scams to look out for and how you can protect yourself and your finances.

COVID-19 Stimulus Check Scams

Some scammers are tricking people into thinking they need to provide personal information to obtain their government relief check. Consumers do not need to sign up for the federal stimulus checks. The government plans to distribute them based on consumers’ 2018 or 2019 federal tax returns starting April 2020. Keep in mind that the IRS does not initiate contact by email, text, or social media.

How to Protect Yourself

Do not respond to any correspondence claiming to be the IRS or other branch of the government requesting personal information in exchange for access to your stimulus check. For accurate information about the federal relief checks and when you can expect yours, visit the IRS’s coronavirus resource.

Student Loan Scams

Americans owe over $1.64 trillion in student loan debt, so it’s no wonder that scammers are preying on this financially vulnerable population. Watch out for offers to forgive your student loan debt in its entirety or change your repayment plan for a fee, or requests for other personal information in order to suspend your payments in response to coronavirus. There is no such thing as instant student loan relief, and you should not need to pay a fee for help from your loan servicer. All federally backed loans have automatically suspended payments and set interest to 0%.

How to Protect Yourself

Do not accept unsolicited offers to help you with your
student loan payments and never give out your personal information. If you are
having trouble making payments because you’ve lost your job, reach out to your
loan servicer for options.

Social Security Scams

Social Security scams are common, but coronavirus has put a new twist on the scam. Now, in addition to watching out for scammers claiming that your Social Security number is about to be suspended, you also need to watch out for calls or letters claiming that your benefits will be canceled due to coronavirus-related office closures. Social Security offices are closed, but officers are still working, and your benefits will not be suspended. And your Social Security number will never be suspended.

How to Protect Yourself

If you are unsure if a call or email is from the Social Security Administration, reach out to them yourself for confirmation before sharing any personal information. If you have already given you Social Security number to a scammer, visit IdentityTheft.gov/SSA for steps on how to protect your credit and identity.

Medicare Scams

Because older individuals are particularly susceptible to COVID-19, scammers have been targeting them with Medicare scams. Be on the lookout for fraudulent Medicare representatives asking you to verify personal information, like your bank account, Social Security, or Medicare numbers. Medicare representatives will never call you to verify your account number, offer you free equipment or services, or try to sell you anything.

How to Protect Yourself

If you’re
not sure if a phone call is legitimate, hang up and call Medicare yourself.
That way you can confirm that you are talking to an actual Medicare
representative. To reach the Medicare office, call 1-800-633-4227.

Fraudulent Charities

Whether it’s a natural disaster or worldwide pandemic
like the coronavirus, legitimate charities work hard to aid people in need.
This can include providing food, funds, housing or other forms of assistance. Unfortunately,
fake charities can crop up too. They might use names that sound similar to real
charities and may even have emails, websites and phone numbers that seem
legitimate but aren’t.

How to Protect Yourself

Donate to charities that you are already familiar with. If you’re questioning the legitimacy of a charity, you can use third-party websites to check credentials. Options include Charity Navigator and Give.org, which is maintained by the Better Business Bureau.

Protect Yourself from COVID-19 Scams

As you continue to navigate the uncharted waters of a
worldwide pandemic, be on the lookout for COVID-19 scams. If you’re ever unsure
about something, you can consult trustworthy government resources or well-known
news outlets to verify information. Share this information about scams with
others so they know what to be on the lookout for as well.

More resources on scams:

  • Senior’s Guide to Avoiding Scams
  • Tax Season Scams
  • Student Loan Scams
  • Common Scams

The post COVID-19 Scams appeared first on Credit.com.

Source: credit.com

It’s a Shake-Up! These 10 Drastically Different Design Trends Will Be Everywhere in 2021—and Beyond

2021 design trendsInterior Obsession/Houzz

We’re finally closing the book on 2020, and many of us have never felt more desperate for a fresh start and a new beginning. And since it’s not like we’re leaving the house anytime soon, it makes perfect sense that the first place to start anew would be at home. (Plus, decorating and home renovation projects are a pretty good distraction from ever-present existential dread, if we do say so ourselves.)

If you’re looking to do a design overhaul, you’re probably also looking for some inspiration—so we asked real estate and design experts to weigh in on what they anticipate will be the biggest home trends of 2021. It turns out, with all the stress that 2020 brought to our lives, it also influenced some defining changes in the way we decorate, design, and live in our homes.

So get cozy on your sunken-in couch cushion—you know, the one you’ve barely left since March 14—and join along for some inspiration as we prepare for the new year.

1. Dedicated home offices

Photo by Gina Sims Designs 

We can probably all admit: Working from the kitchen table was kind of cute when you thought you would be doing it for only a few weeks. But now? Not so much. That’s why, in 2021 (and beyond) home offices will be more important than ever.

“One of the most prevalent design trends currently is adding or renovating home offices. People are working from home and do not want to field calls from the kitchen table,” says Simon Isaacs, owner/broker of Simon Isaacs Real Estate.

If you don’t have a spare room for an office, there are plenty of ways to get creative and set up a space with some personality. In fact, one of the biggest trends on Pinterest this year is the rise of the “cloffice,” a portmanteau of “closet” and “office.”

“I’ve seen clients transform hall closets into amazing offices with high-gloss paint, some wallpaper, and a few shelves,” Isaacs says. “A can of paint can go a long way.”

2. Clearly delineated spaces

Photo by Nicholas Design Collaborative 

It’s quaint to think back on our obsession with open floor plans. They’re not completely passé (yet), but people are increasingly interested in closing off those wide-open spaces we so used to covet.

“The pandemic has completely shaped home design trends for 2020 and 2021,” Isaacs says. “Not only do people want to create a cozy shared living space, but they also are carving out areas to have some space to themselves.”

“The trend will be to create different living spaces within the open floor plan so people will have pockets or nooks in the home for e-learning, Zoom calls, a conversation, lounging, exercising, etc.,” adds Julie Busby, founder of the Busby Group at Compass in Chicago.

The need for separate spaces is also shifting home buyers’ priorities in the new year.

“New buyers are asking for homes with more separation, as sometimes multigenerational families share a home and need space and privacy amongst themselves,” says Yorgos Tsibiridis, a Hamptons broker at Douglas Elliman.

3. Houseplants and indoor gardens

Photo by Chris Barrett Design 

“During the pandemic when it was difficult for some to get their daily dose of nature, people started bringing the outdoors in with natural materials in their home,” Busby says.

With the pandemic raging on, the pros say the indoor houseplant trend is here to stay—which is good news for your collection of monsteras and air plants.

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Watch: Exclusive: Lindsay Dean of Frills and Drills Dishes on DIY

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“For houseplants, definitely do your homework before investing,” she says. “Take into account your natural light, exposures, and how much you will remember to water.”

4. Rattan accents

Photo by studio three beau 

In line with the houseplant trend, natural materials are having a “huge moment,” Busby says. In particular, rattan is the material du jour, appearing everywhere from drink holders to bed frames.

Try out the trend by choosing a rattan accessory or accent piece that you love; just don’t go overboard.

“Rattan is best in small doses, so pick your favorite piece and work from there,” Busby suggests.

5. Wood-grain kitchen cabinets and counters

Photo by Buckminster Green LLC 

Organic touches are also sprouting up in the heart of the home: the kitchen.

“For the kitchen, our designer members are seeing more minimalist styles with touches of organic and natural materials such as wood grain—perhaps as part of a desire to connect with nature,” says Bill Darcy, CEO of the National Kitchen & Bath Association.

Instead of painted kitchen cabinets or the ubiquitous all-white kitchen, expect to see homeowners embracing a more natural look with wood-grain cabinets and wood countertops on islands.

6. Next-level playgrounds

Photo by RVM Construction Inc.

Speaking of connecting with nature, 2020 has taken our cabin fever to record levels. Experts say enhanced outdoor spaces will continue to trend in the new year—including elaborate custom playgrounds, which Isaacs says are one of the hottest trends he’s seeing right now in South Florida.

To create the ultimate kids’ club, homeowners are even going beyond store-bought swingsets and adding zip lines, adventure courses, and climbing walls to their backyard playgrounds.

7. Outdoor kitchens

Photo by E2 Homes 

Multiseason spaces that feature “fireplaces or fire pits, patio/deck areas, or screened-in porches that can be used year-round” are on the rise, Darcy says. That includes outdoor kitchens, which have become more popular than ever during the pandemic.

An outdoor kitchen can be as elaborate (read: expensive) or as modest as you like. Some homeowners may simply add an outdoor refrigerator and dining area to the backyard to create an expanded entertaining space. Others will invest in a stovetop, ample counter space, and appliances to create a fully equipped outdoor kitchen.

8. Smart bathroom innovations

Photo by Change Your Bathroom, Inc. 

We won’t soon forget the Great Toilet Paper Shortage of 2020, when grocery shelves were cleared of Charmin and bidets sold out at home improvement stores.

Never embraced the bidet in your home bathroom? Well, hold on to your butts: That’s just the start of things—you can expect to see a slew of new bathroom innovations in 2021 as homeowners continue to focus more than ever on hygiene (and perhaps prepare for the next Great Toilet Paper Shortage).

“Touchless appliances, including motion sensors for lighting, and smart temperature control for bathroom floors will be more popular in the next year,” Darcy says.

9. Retro furniture and color palettes

Photo by Elad Gonen 

The pandemic brought on a serious wave of nostalgia for people seeking comfort from the past, and Busby says that wistfulness will influence our home decor in 2021.

Expect to see funky color palettes (think mauve, forest green, and burnt orange) and furniture throwbacks like ’80s curves and ’90s traditionalism.

“I think people are nostalgic for simpler times, and we are seeing this desire reflected back in home design,” Busby says.

An easy way to try the trend for yourself is with a quick coat of paint.

“Pick a bold color and one wall, or a smaller bathroom, and paint your way back to the ’80s or ’90s,” Busby says.

10. Cozy, layered vibes

Photo by Urbanology Designs

“Overall, the design pendulum is swinging to be more traditional,” Busby says.

That means warm colors and natural wood in lieu of cool grays and blues. Instead of stark white minimalism, expect to see more color and personality in 2021’s home decor—less uber-modern and more boho chic.

So go ahead and pile on those mismatched blankets and throw pillows, and don’t be afraid to embrace a design that reflects your personality.

“People want to feel at ease in their homes now more than ever,” she says. “Before the pandemic, people may have put form before function to create the out-of-a-magazine look for their living room. Trends now lean toward a more casual and layered aesthetic.”

The post It’s a Shake-Up! These 10 Drastically Different Design Trends Will Be Everywhere in 2021—and Beyond appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com